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QIHU.US
id: 1104

Qihoo 360 (QIHU) Buyout and China Relisting Settlement

S.D. New York
Court
1:19-cv-10067
Case number
18 Dec 2015
Class period Start
15 Jul 2016
Class period End
Qihoo 360 (QIHU) agreed to settle $29.75M with shareholders to end claims over buyout and relisting in China.

Case Details:

Qihoo was taken private for $9.4B by a group of buyers, including its top executives, in a deal finalized on July 15, 2016.

After the buyout, Qihoo split its businesses. On November 2, 2017, SJEC announced a backdoor listing with Qihoo's main businesses.

Qihoo's shares started trading on the Shanghai Stock Exchange in February, 2018, with a market capitalization of $62B by the end of the day.

Based on these events, Qihoo was accused of the following details:
  • Qihoo had undisclosed plans to relist shares in China before closing the deal.
  • Shareholders were allegedly not provided necessary details for an informed vote.
Qihoo 360 has now decided to end all the allegations related to the relisting and buyout and pay a $29.75M settlement to investors.


Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
-0.9
Plaintiffs
Altimeo Asset Management
Attorneys
Pomerantz LLP
Defendants
Hongyi Zhou, Eric X. Chen
Judge
Paul A. Engelmayer
Administrator
Angeion
Trades matching type
FIFO
+$29,750,000
Total Settlement Amount

Frequently Asked Questions

Qihoo 360 Technology Co Ltd

DELISTED - Qihoo 360 Technology Co Ltd (Qihoo 360), formerly Qihoo Technology Company Limited, is engaged in the operations of Internet services and sales of third party anti-virus software in the ...

    Ticker
    QIHU.US
    Sector
    Other
    Industry
    Other
    Country
    USA
    Address
    Building No. 2, 6 Haoyuan, Jiuxianqiao Road, Chaoyang Distri 100015,Beijing,CHN